Smart Meters Market Top Players, Regional Trends & Segments By 2034

(MENAFN- Straits Research) Introduction

The expansion of the global smart meters market is ascribed to extensive utility smart meter deployments and grid modernization initiatives, propelled by decarbonization, integration of distributed energy resources (DER), demand response strategies, and regulatory requirements. Bidirectional AMI communications facilitate time-of-use billing, outage detection, and customer energy management, generating robust utility and policy incentives.

Market Dynamics Integration of metering, analytics, and customer platforms drives market growth

The smart meter market is advancing towards integrated systems that amalgamate metering, edge analytics, and consumer engagement. New models can not only collect data but also identify events such as tampering or reverse power flow, process data locally, and integrate with meter data management systems (MDMS). Providers are supplying platforms that combine connectivity, analytics, and operational systems.

• In January 2025, Cisco and Gridspertise executed a Memorandum of Understanding to work on the development and implementation of innovative solutions for digital transformation in power grids.

The transition alters procurement priorities, as utilities favor comprehensive service suppliers who deliver complete solutions, hence facilitating market expansion.

Convergence of smart water and gas metering in multi-utility systems create tremendous opportunities

The consolidated installations in electricity, gas, and water services offer a substantial opportunity for the industry. Vendors are progressively providing integrated solutions that encompass unified communication networks and collaborative data management systems. This strategy diminishes expenses, streamlines vendor administration, and generates cross-selling prospects.

• Several European towns implemented integrated smart metering contracts in 2024-25, utilizing cellular IoT for municipal-level applications across various services.

Major utilities favor integrated solutions to prevent fragmented projects. Vendors able to provide comprehensive multi-utility solutions are strategically positioned to obtain substantial contracts, as urban infrastructure development shifts towards integrated smart-city models.

Regional Insights

North America dominates the worldwide smart meter market, possessing a market share of 34% in 2025. This is due to its early implementation of Advanced Metering Infrastructure (AMI). As of 2022, over 119 million smart meters were operational in the U.S., serving approximately three-quarters of power consumers. Smart meters are favored because they enable utilities to save on meter reading, expedite outage detection, and mitigate electricity theft. Regulators and public utility commissions frequently permit utilities to recuperate the expenses of Advanced Metering Infrastructure (AMI) via rate modifications, thereby rendering extensive projects economically feasible. Federal and state initiatives, like those from the U.S. Department of Energy, facilitate the development of smart grids.

Key Highlights

• The global smart meters market size was estimated at USD 35.13 billion in 2025 and is anticipated to grow from USD 39.58 billion in 2026 to USD 105.43 billion by 2034, growing at a CAGR of 13% from 2026 to 2034.
• By Utility Type, Electricity smart meters for residential customers represent the largest segment of the global market.
• By Communication Technology, Cellular IoT (NB-IoT and LTE-M) is the leading communication choice for new smart meter projects.
• By Component, Head-End Systems and Meter Data Management Systems dominate the component segment because they turn raw meter readings into useful information.
• By End User, the residential sector is the largest user of smart meters because households make up most of the global meter population.
• Based on region, the global market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America dominates the global market.

Competitive Players

Landis+Gyr

Itron

Sagemcom

Kamstrup

EDMI

Aclara

Sensus (Xylem)

Honeywell

Siemens

Schneider Electric

Elster (now part of the Honeywell portfolio)

Iskraemeco

ZIV

Holley (Hengyang)

Wasion

Secure Meters

Osaki Electric

CHINT Global

Recent Developments

• In January 2025 , Sagemcom announced a certified firmware update for its SMGW Siconia SMARTY IQ series, compliant with German BSI technical guidelines and Common Criteria. This supports German utilities' need for BSI-certified secure gateways.
• In March 2025 , Itron and CHINT Global announced the industry's first smart meter using DLMS GCP, a standardized profile intended to simplify interoperability across vendors. Standardised meter profiles reduce integration risk for utilities and make multi-vendor deployments more tractable, which is important for large national programmes and second-wave replacements.
• In May 2025 , Landis+Gyr published FY 2024 financial results, demonstrated ultrasonic gas metering, and announced contracts (e.g., remote reading service agreements).

Segmentation

By Utility Type

Electricity smart meters

Gas smart meters

Water smart meters

Heat / thermal energy meters

By Communication Technology

RF mesh

Power Line Carrier (PLC) / PLC-G3 / PRIME

Cellular IoT (NB-IoT, LTE-M, 4G/5G)

LoRaWAN / other LPWANs

Hybrid

By Component

Meter hardware

Communications module

Head-End System (HES) / Meter Data Management System (MDMS)

Customer-facing portals / mobile apps

Integration middleware

By End-User

Residential

Commercial & Industrial (C&I)

Utilities/grid operations

Municipal / multi-utility

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